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MICRO-LOAN&BLOCK GRANT MICRO-LOAN FUND FINANCIAL UPDATE <br /> 1110 FOR PERIOD ENDED MAY 31, 1994 <br /> MICRO-LOAN FUND <br /> The Micro Loan Fund had a cash balance of$123,976.36 on May 31, 1994. As of today,June 13, 1994, <br /> all loans are current. In May the Water Laboratories loan of$15,000.00 was disbursed. <br /> BLOCK GRANT MICRO-LOAN FUND <br /> In April the City received$250,000.00 from the State of Minnesota for a loan to Tescom. The loan is to <br /> be repaid over 120 months at 4.5 percent interest for the first 60 months and 6.0 percent for the remaining <br /> 60 months. The City will retain all of the payments from Tescom. The current balance in this fund is <br /> $2872.23. <br /> i <br /> • <br />